Intermediation Spread

intermediation-spread

The wedge between borrow and lend rates — Gavel's beside everyone else's.

Units	spread
Computed at	2026-09-05T03:57:21.433Z
History	served

Reading

computed_at

2026-09-05T03:57:21.433Z

definition

intermediation_spread = borrow_rate - lend_rate. What the venue takes to stand between a lender and a borrower.

caveats

tenor_matched	FALSE means the two legs are not the same tenor. A CeFi desk funds an open-term deposit and lends for 365 days, so its spread is a maturity-transformed margin, not a bid-ask. Aave's two legs are the same pool at the same instant and ARE a bid-ask. Do not rank them against each other without showing the flag.
is_cleared	TRUE for Gavel: there is no bid and no ask, so lend_rate and borrow_rate are null by construction and the spread is the protocol fee alone.
collateral_class	Spreads are only like-for-like within a collateral class.
confidence	ok = both legs observed. fee_from_source = read from contract source, not a chain call. awaiting_v2 = the zero-fee finding was established for v2, which is not live on this network, so the value is NULL rather than 0.

spreads

11 entries

[
  {
    "venue": "aave_v3",
    "asset": "WBTC",
    "venue_class": "defi",
    "collateral_class": "multi_asset",
    "tenor_days": null,
    "lend_rate": 0.0049,
    "borrow_rate": 0.34013,
    "spread": 0.33523,
    "is_cleared": false,
    "administered": false,
    "tenor_matched": true,
    "confidence": "ok",
    "note": "WBTC market; both legs from one observation at 2026-09-05T03:00:00.000Z",
    "effective_date": null,
    "computed_at": "2026-09-05T03:57:21.433Z"
  },
  {
    "venue": "aave_v3",
    "asset": "USDC",
    "venue_class": "defi",
    "collateral_class": "multi_asset",
    "tenor_days": null,
    "lend_rate": 3.62264,
    "borrow_rate": 4.29103,
    "spread": 0.66839,
    "is_cleared": false,
    "administered": false,
    "tenor_matched": true,
    "confidence": "ok",
    "note": "USDC market; both legs from one observation at 2026-09-04T23:00:00.000Z",
    "effective_date": null,
    "computed_at": "2026-09-05T00:51:54.599Z"
  },
  {
    "venue": "aave_v3",
    "asset": "USDT",
    "venue_class": "defi",
    "collateral_class": "multi_asset",
    "tenor_days": null,
    "lend_rate": 3.56033,
    "borrow_rate": 4.25397,
    "spread": 0.6936399999999998,
    "is_cleared": false,
    "administered": false,
    "tenor_matched": true,
    "confidence": "ok",
    "note": "USDT market; both legs from one observation at 2026-09-05T03:00:00.000Z",
    "effective_date": null,
    "computed_at": "2026-09-05T03:57:21.431Z"
  },
  {
    "venue": "compound_v3",
    "asset": "USDT",
    "venue_class": "defi",
    "collateral_class": "multi_asset",
    "tenor_days": null,
    "lend_rate": 2.97877,
    "borrow_rate": 3.79845,
    "spread": 0.81968,
    "is_cleared": false,
    "administered": false,
    "tenor_matched": true,
    "confidence": "ok",
    "note": "USDT market; both legs from one observation at 2026-09-05T03:00:00.000Z",
    "effective_date": null,
    "computed_at": "2026-09-05T03:57:21.440Z"
  },
  {
    "venue": "aave_v3_arbitrum",
    "asset": "WBTC",
    "venue_class": "defi",
    "collateral_class": "multi_asset",
    "tenor_days": null,
    "lend_rate": 0.02968,
    "borrow_rate": 0.8494,
    "spread": 0.81972,
    "is_cleared": false,
    "administered": false,
    "tenor_matched": true,
    "confidence": "ok",
    "note": "WBTC market; both legs from one observation at 2026-09-05T03:00:00.000Z",
    "effective_date": null,
    "computed_at": "2026-09-05T03:57:21.437Z"
  },
  {
    "venue": "compound_v3",
    "asset": "USDC",
    "venue_class": "defi",
    "collateral_class": "multi_asset",
    "tenor_days": null,
    "lend_rate": 4.21478,
    "borrow_rate": 5.09802,
    "spread": 0.8832399999999998,
    "is_cleared": false,
    "administered": false,
    "tenor_matched": true,
    "confidence": "ok",
    "note": "USDC market; both legs from one observation at 2026-09-05T03:00:00.000Z",
    "effective_date": null,
    "computed_at": "2026-09-05T03:57:21.438Z"
  },
  {
    "venue": "aave_v3_arbitrum",
    "asset": "USDC",
    "venue_class": "defi",
    "collateral_class": "multi_asset",
    "tenor_days": null,
    "lend_rate": 2.76783,
    "borrow_rate": 3.69707,
    "spread": 0.9292400000000001,
    "is_cleared": false,
    "administered": false,
    "tenor_matched": true,
    "confidence": "ok",
    "note": "USDC market; both legs from one observation at 2026-09-05T03:00:00.000Z",
    "effective_date": null,
    "computed_at": "2026-09-05T03:57:21.435Z"
  },
  {
    "venue": "compound_v3_base",
    "asset": "USDC",
    "venue_class": "defi",
    "collateral_class": "multi_asset",
    "tenor_days": null,
    "lend_rate": 5.38698,
    "borrow_rate": 6.4184,
    "spread": 1.0314199999999998,
    "is_cleared": false,
    "administered": false,
    "tenor_matched": true,
    "confidence": "ok",
    "note": "USDC market; both legs from one observation at 2026-09-05T03:00:00.000Z",
    "effective_date": null,
    "computed_at": "2026-09-05T03:57:21.444Z"
  },
  {
    "venue": "tradfi_bank",
    "asset": null,
    "venue_class": "tradfi",
    "collateral_class": "none",
    "tenor_days": null,
    "lend_rate": 3.65,
    "borrow_rate": 6.75,
    "spread": 3.1,
    "is_cleared": false,
    "administered": true,
    "tenor_matched": false,
    "confidence": "ok",
    "note": "Bank intermediation: prime rate (unsecured lending to best customers) over SOFR (secured overnight funding cost). Legs differ in collateral class by construction — that asymmetry is the bank's business. Prime is administered, not cleared.",
    "effective_date": "2026-09-04",
    "computed_at": "2026-09-05T03:57:21.449Z"
  },
  {
    "venue": "ledn",
    "asset": "USD",
    "venue_class": "cefi",
    "collateral_class": "btc",
    "tenor_days": 365,
    "lend_rate": 6.5,
    "borrow_rate": 11.49,
    "spread": 4.99,
    "is_cleared": false,
    "administered": true,
    "tenor_matched": false,
    "confidence": "ok",
    "note": "btc_backed_standard (365d, btc) funded by usdc_growth_account (open-term, none). Maturity-transformed margin, NOT a same-tenor bid-ask.",
    "effective_date": "2026-07-21",
    "computed_at": "2026-09-05T03:57:21.446Z"
  },
  {
    "venue": "gavel",
    "asset": null,
    "venue_class": "gavel",
    "collateral_class": "btc",
    "tenor_days": null,
    "lend_rate": null,
    "borrow_rate": null,
    "spread": null,
    "is_cleared": true,
    "administered": false,
    "tenor_matched": true,
    "confidence": "awaiting_v2",
    "note": "Gavel's wedge is NULL on this network, not zero. The zero-fee finding was read from v2 contract source (gavel-contracts src/v2 (CreditPrimitive, LenderAuctionOrchestrator)), and v2 is not live here — lender-initiated auctions have not launched. v1 fee behaviour has not been inspected, so no claim is made. This resolves automatically once v2 auctions appear.",
    "effective_date": null,
    "computed_at": "2026-09-05T03:57:21.448Z"
  }
]

Where this comes from

REST	https://api.bitcoincreditstack.com/v1/credit/intermediation-spread
MCP	get_indicator({ indicator: "intermediation-spread" })

The payload carries more than this page renders — the full nested structure, and for most indicators a daily history this page does not chart. That asymmetry is deliberate.